Noble Park site nets $1.95 million

A residential development site which has a permit in place for a townhouse complex has sold at a mortgagee auction for $1.95 million. Permanent Trustees offloaded the Noble Park site to a local developer.

Nick Peden and Michael Hede of Knight Frank were the selling agents.

The Residential 1 zoned property, located at 21-23 Kelvinside Road in Noble Park, has a site area of 9052 sqm.

The L shaped allotment has two street frontages totalling approximately 68 metres.

The current permit allows for 35 townhouses to be built on the site. It is believed the buyer will utilise the existing plans although it is not yet known when development of the complex will begin.

The permit in place along with the location of the property appealed to bidders, commented selling agent Nick Peden.

"The property was well received in the market due to it's position within an established residential area and close proximity to local amenities and infrastructure," he said.

Reprinted with permission. The Australian Property Review. http://www.apr.com.au